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New Issue Ratings: Fitch “AAA;” Moody’S “Aaa;” S&P “AAA” See “MISCELLANEOUS—Bond Ratings” Herein

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New Issue Ratings: Fitch “AAA;” Moody’S “Aaa;” S&P “AAA” See “MISCELLANEOUS—Bond Ratings” Herein PRELIMINARY OFFICIAL STATEMENT DATED MAY 12, 2020 New Issue Ratings: Fitch “AAA;” Moody’s “Aaa;” S&P “AAA” See “MISCELLANEOUS—Bond Ratings” herein. In the opinion of Gilmore & Bell, P.C., Bond Counsel, under existing law and assuming continued compliance with certain requirements of the Internal Revenue Code of 1986, as amended, the interest on the 2020B Bonds (including any original issue discount properly allocable to an owner thereof) is excludable from gross income for federal income tax purposes, and is not an item of tax preference for purposes of the federal alternative minimum tax. Bond Counsel is also of the opinion that the in- terest on the 2020B Bonds is exempt from State of Utah individual income taxes. See “TAX MATTERS” herein. ithout any notice. Undercircum- no $443,370,000 there be any sale of these securities in any juris- any in securities of these sale any be there State of Utah General Obligation Bonds, Series 2020B laws of any such jurisdiction. laws The $443,370,000* General Obligation Bonds, Series 2020B, are issuable by the State as fully–registered bonds and will be , amendment or other change w , amendment or other change initially issued in book–entry form through The Depository Trust Company, New York, New York, as securities depository for the 2020B Bonds. See “APPENDIX F—BOOK–ENTRY SYSTEM.” Principal of and interest on the 2020B Bonds (interest payable January 1 and July 1 of each year, commencing Janu- ary 1, 2021) are payable by the Utah State Treasurer, Salt Lake City, Utah, as Paying Agent, to the registered owners thereof. See “THE 2020B BONDS—Book–Entry System” herein. licitation of an offer to buy, nor shall buy, offer to an of licitation The 2020B Bonds are subject to optional redemption prior to maturity. See “THE 2020B BONDS—Redemption Provisions” herein. erein are subject to completion erein are The 2020B Bonds are general obligations of the State, for which the full faith, credit and resources of the State are pledged for the payment of principal and interest, and for which payment a tax may be levied, without limitation as to rate or amount, on all property in the State subject to taxation for State purposes. See “SECURITY FOR THE 2020B BONDS” herein. Dated: Date of Delivery1 Due: July 1, as shown on the inside front cover See the inside front cover for the maturity schedule of the 2020B Bonds This cover page contains certain information for quick reference only. It is not a summary of this issue. Investors must read the entire OFFICIAL STATEMENT to obtain information essential to the making of an informed investment deci- sion. This OFFICIAL STATEMENT is dated May __, 2020, and the information contained herein speaks only as of that date. BofA Securities Goldman Sachs & Co. LLC Citigroup Stifel Wells Fargo Securities Preliminary; subject to change. This PRELIMINARY OFFICIAL STATEMENT and the information contained h stances shall this PRELIMINARY OFFICIAL STATEMENT constitute an offer to sell or the so sell or to stances shall this PRELIMINARY OFFICIAL STATEMENTconstitute an offer diction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities the under or qualification registration to prior unlawful be would sale or solicitation offer, such which in diction 1 The anticipated date of delivery is Wednesday, June 3, 2020. State of Utah $443,370,000∗ General Obligation Bonds, Series 2020B Dated: Date of Delivery1 Due: July 1, as shown below Due CUSIP Principal Interest Yield/ July 1* 917542 Amount* Rate Price 2021……. $40,595,000 % % 2022……. 42,680,000 2023……. 44,865,000 2024……. 47,165,000 2025……. 49,585,000 2026……. 52,130,000 2027……. 67,635,000 2028……. 24,365,000 2029……. 10,895,000 2030……. 11,455,000 2031……. 12,040,000 2032……. 12,660,000 2033……. 13,310,000 2034……. 13,990,000 ∗ Preliminary; subject to change. 1 The anticipated date of delivery is Wednesday, June 3, 2020. CUSIP is a registered trademark of the American Bankers Association. CUSIP Global Services is managed on behalf of the American Bankers Association by S&P Capital IQ. Table Of Contents Page Page INTRODUCTION ....................................................................... 1 Discussion And Analysis Of Financial Statements For Impact Of Coronavirus (COVID–19) .................................. 1 Fiscal Year 2019............................................................ 40 The State Of Utah ................................................................ 1 Capital Expenditure Authorizations .................................. 40 Authority For And Purpose Of The 2020B Bonds ............... 2 Investment Of Funds ......................................................... 40 Security ................................................................................ 2 State Employee Workforce; Public Retirement System .... 40 Redemption Provisions ........................................................ 2 Other Postemployment Benefits........................................ 41 Tax Matters Regarding The 2020B Bonds .......................... 2 Risk Management And Insurance; Cybersecurity; Professional Services ........................................................... 3 Recent Earthquake ......................................................... 41 Conditions Of Delivery, Anticipated Date, Manner, Federal Funding ................................................................ 42 And Place Of Delivery ..................................................... 3 LEGAL MATTERS .................................................................. 44 Continuing Disclosure Undertaking .................................... 3 General .............................................................................. 44 Basic Documentation ........................................................... 3 Absence Of Litigation Concerning The 2020B Bonds ...... 44 Contact Persons ................................................................... 3 Miscellaneous Legal Matters ............................................ 45 SECURITY FOR THE 2020B BONDS ...................................... 4 Attorney General’s Opinion Of Effect Of Legal CONTINUING DISCLOSURE UNDERTAKING ..................... 4 Proceedings On State’s Ability To Make Timely State’s Failure To Provide Certain Operating Payments On 2020B Bonds ........................................... 45 Information ...................................................................... 5 TAX MATTERS ...................................................................... 45 THE 2020B BONDS ................................................................... 5 Opinion Of Bond Counsel ................................................. 45 General ................................................................................ 5 Other Tax Consequences................................................... 46 Registration, Denominations, Manner Of Payment ............. 6 MISCELLANEOUS ................................................................. 46 Regular Record Date; Transfer Or Exchange Of The Bond Ratings ..................................................................... 46 2020B Bonds .................................................................... 6 Municipal Advisor ............................................................ 47 Estimated Sources And Uses Of Funds ............................... 6 Underwriters ..................................................................... 47 Redemption Provisions ........................................................ 7 Independent Auditor ......................................................... 48 Book–Entry System ............................................................. 7 Additional Information ..................................................... 48 Debt Service On The 2020B Bonds ..................................... 8 APPENDIX A—COMPREHENSIVE ANNUAL STATE OF UTAH GOVERNMENTAL ORGANIZATION ...... 8 FINANCIAL REPORT OF THE STATE OF UTAH FOR Constitutional Departments ................................................. 8 FISCAL YEAR 2019 .......................................................... A–1 Certain Other Administrative Bodies ................................... 9 APPENDIX B—ADDITIONAL DEBT AND FINANCIAL DEBT STRUCTURE OF THE STATE OF UTAH ..................... 9 INFORMATION REGARDING THE STATE Outstanding General Obligation Indebtedness ..................... 9 BUILDING OWNERSHIP AUTHORITY ......................... B–1 Legal Borrowing Authority For General Obligation State Building Ownership Authority ............................... B–1 Bonds ............................................................................. 10 Outstanding Lease Revenue Bonds Of The Authority .... B–1 Authorized General Obligation Bonds And Future Authorized State Lease Revenue Bonds And Future General Obligation Bonds Issuance ............................... 12 Bonds Issuance ............................................................ B–2 Debt Service Schedule Of Outstanding General Debt Service Schedule Of Outstanding Lease Revenue Obligation Bonds By Fiscal Year .................................. 13 Bonds (State Building Ownership Authority) By Debt Ratios Regarding General Obligation Debt Of Fiscal Year .................................................................. B–4 The State ........................................................................ 15 APPENDIX C—DEMOGRAPHIC AND ECONOMIC Revenue Bonds And Notes ................................................ 15 INFORMATION REGARDING
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